Potential to ramp up production of OML 30 in the short term by refurbishing and maintaining existing infrastructure

Cash consideration of US$850 million, net of costs, for Shoreline to purchase a 45% participating interest in OML 30 and related assets under the corresponding joint operating agreement

OML 30 expected to be cash generative immediately following completion of the Proposed Acquisition (“Completion”)

First flush – Approx $2.70 per boe is being paid – a good price without a doubt. With a new total of 278m bbls of reserves within the Group, plus the Miran gas reserves, assuming a 3 for 4 rights around the current price then an opening price closer to 200p looks a cert. We will dial in to the conf call and report thereafter.

There will be a lot happening at the Master Investor Show on 25 March, and everyone has their own…

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